Ethereum May Incur Large Drop if Bulls are Unable to Defend $210

Ethereums massive upwards momentum has faltered after its bulls were unable to decisively support ETH above the $220 price level, and its inability to extend its upwards momentum likely stems in part from Bitcoins drop to its key support level of $10,000.

Analysts are now noting that Ethereum is nearing a critical support level, and an inability for ETH to hold above this level could open the gates for further losses, while providing traders a great shorting opportunity.

Ethereum Drops Towards $210 as Sellers Step Up

At the time of writing, Ethereum is trading down nearly 2.5% at its current price of $211.75, which marks a fairly deep retrace from its daily highs of nearly $219, but a slight bounce from its daily lows of $210.

Ethereum tried and failed on multiple occasions to decisively break above $220 but was met with significant selling pressure with each visit above this price level.

Because $220 proved to be an insurmountable level of resistance for ETH to break above, it has since shed a significant amount of its recent gains but is still trading up significantly from its one-month lows of below $170.

Nik Patel, a popular cryptocurrency analyst, spoke about Ethereums recent price action in a blog post, explaining that the next key resistance level it faces in the near-term exists at $230, which is nearly 10% higher than its current price.

Looking at ETH/USD, the next area of significance is the support/resistance flip from which price originally broke down at $230; however, prior to this, I would like to get long on a pullback towards trendline support, he explained while pointing to a trendline support that exists within the lower $200 region.

Could a Dip Below $210 Spark an ETH Downtrend?

Although Patel believes that ETH will revisit its trendline before climbing to $230, UB, another popular crypto analyst, explained in a recent tweet that $210 is a key support level and that a break below it potentially opening the gates for a drop into the $190 region.

$ETH Currently sitting at Weekly Support. Ethereum needs to bounce soon or itll revisit mid to low $190s. Ill add to my short on a Daily Close below ~$210, he explained.

The coming days and weeks will likely elucidate Ethereums near-term trend, which may be largely swayed by Bitcoins price action in the coming days and weeks.


Featured image from Shutterstock.

The post Ethereum May Incur Large Drop if Bulls are Unable to Defend $210 appeared first on NewsBTC.

22.09.2019 / 14:40 20
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